Posted on 07/09/2024 8:51:24 AM PDT by where's_the_Outrage?
KEY POINTS
The Bank Secrecy Act has been around since the Nixon administration.
The law was designed to stop criminal enterprises, large and small.
Unless you're breaking the law, you have nothing to worry about.
It's your money, and generally, you have the right to withdraw as much -- or as little -- as you desire from your bank account. However, under a law called the Bank Secrecy Act (BSA), banks must report any deposits or withdrawals of $10,000 or more. Here, we'll cover why the BSA exists and if it's anything you need to be concerned about.......
During the Nixon administration, the government decided to pursue financial fraud at the banking level. To catch money launderers, drug dealers, and other bad players, they needed the help of financial institutions. And so the Bank Secrecy Act was born.
Under BSA, banks became legally obligated to report any deposits or withdrawals over $10,000.
In all fairness to the government, $10,000 was worth a heck of a lot more in 1970 than it is today. In fact, a deposit or withdrawal of $10,000 in May 1970 was worth $81,365 in today's money, according to the Bureau of Labor Statistics' CPI Inflation Calculator. If someone made a deposit or withdrawal that large back then, it was worth noticing.
What's interesting is that the $10,000 threshold hasn't changed. Because $10,000 doesn't have the buying power it once did, there are more Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) being sent to the IRS than ever before.
(Excerpt) Read more at fool.com ...
Honestly won’t be much of a factor. By the time CDBC becomes a thing, none of us is going to have any money anyhow.
“Structuring” also illegal
Incorrect.
The feds will be notified.
$10,000 in 1970 = $83,000 in 2024 dollars per the BLS inflation calculator.
Yes. And remember: "Government" means people--good and bad, virtuous and corrupt, honest and dishonest, but people.
When government is small enough, it responds to the consent of the people governed. When its size passes a critical point, it does not respond, and it becomes tyrannical.
When government is small enough, the people governed control the government. When it is large enough, the people who control the government control the people governed.
From the article:
“To catch money launderers, drug dealers, and other bad players,”
That’s why there are no more money launderers, drug dealers, and other bad players. It’s kind of like making me show my drivers’ license to get Sudafed entirely stopped the meth epidemic.
When you seem like you’re taking out money in such a way as to dodge the 10k rule, that’s called structuring, and WILL get you investigated. Maybe not illegal, per se (as far as I know) but you’d much better off withdrawing the 10 grand than be busted structuring
Yes. You are correct. I asked my lawyer about this and he told me this is only when dealing with cash money.
About 12 years ago I had a 70 thousand dollar cashiers check made from my account with no problems. (I was buying a house that needed some work.)
Okay y’all. I’m just kidding. Where would I get that kind of money?
To keep their insurance rates low, they reduced the in store cash on hand by making daily deposits of under $10,000 in the bank across the street from the store.
After a lengthy battle, the market finally won out and the law was changed.
https://ij.org/case/miforf/
That's why I always withdraw only $9,998!
Regards,
>> That’s why I only ever do 9,999.99 at one time.
That is called “structuring” and is actually illegal.
Agree
BS, with the politicalization of the Government Agencies
Remember when the congressmen/woman and senators were cashing 25K to 50K dollar donor checks to buy a book of stamps at the capital post office then they got caught.
Who knows where they are cashing them now?.
Under BSA, banks became legally obligated to report any deposits or withdrawals over $10,000.
I did a word search on the article.
The word cash is never mentioned.
The Bank Secrecy Act applies ONLY to cash transactions, or to cash transfers - to or from - banks in corrupt countries.
The feds will be notified.
Ten grand by check is a pittance nowadays. Feds can get any bank records by SS or FED ID numbers for cause, but aren't interested in nearly every single legit account in the country.
An old widow found her late husband's legally-acquired stash, and her kids told her to put it in the bank. However, being afraid of carrying so much, she took a little at a time. Guess who was criminally charged?
That's actually a huge red flag for banks and gets you noticed for something called 'structuring'.
.
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